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9] _aX]RX_T$ NC NKD_TCNKUCVKQP FW EQOOGTEG FGU C_TQPGHU EKXKNU Ue_VGPF ] VQWUNGU EQORQUCPVU GV VQWVGU NGU RCTVKGU F eWP C_TQPGH$ @Tb _a^SdXcb R^deTacb _Pa
[ÅPRR^aS R^\_aT]]T]c !)" c^db [Tb Pna^]TUb RXeX[b$ !*" c^db [Tb \^cTdab S ÅPn%
a^]TUb RXeX[b$ [Tdab _PacXTb Tc _XoRTb Tc [Tdab R^\_^bP]cb$ !+" c^dcTb [Tb PdcaTb
_PacXTb Tc _XoRTb$ Tc c^db [Tb R^\_^bP]cb Tc b^db%T]bT\Q[Tb$ SÅPna^]TUb RXeX[b$
Tc !," c^db [Tb bX\d[PcTdab ST e^[ Pd b^[$ [Tdab _PacXTb Tc _XoRTb Tc [Tdab R^\%
_^bP]cb !Pac& )Ta"&
@ ÅPRR^aS _anRXbT _Pa PX[[Tdab `dT NC NKD_TCNKUCVKQP PG EQPEGTPG RCU WPKSWG#OGPV NGU RTQFWKVU SWK GPVTGPV FCPU NC EQPUVTWEVKQP FGU C_TQPGHU EKXKNU OCKU _IC#NGOGPV EGWZ SWK UQPV P_EGUUCKTGU ] NC T_RCTCVKQP" N eGPVTGVKGP" NC T_HGEVKQP" NCOQFKHKECVKQP QW NC VTCPUHQTOCVKQP FeC_TQPGHU EKXKNU$ =[ R^]eXT]c _Pa R^]bn%
`dT]c ST ]T _Pb b^db%TbcX\Ta bP _^acnT 2 X[ bÅP__[X`dT k [ÅT]bT\Q[T STb U^da%
]XbbTdab Tc STb b^db%caPXcP]cb X\_[X`dnb SP]b [T _a^RTbbdb ST UPQaXRPcX^] STb
Pna^]TUb& 9] X]R[dP]c SP]b [T RWP\_ S ÅP__[XRPcX^] ST [ ÅPRR^aS [Tb PRcXeXcnb
ST an_PaPcX^] Tc S ÅT]caTcXT]$ [ ÅPRR^aS R^deaT c^dcTb [Tb PRcXeXcnb `dX VaPeX%
cT]c Pdc^da ST [ ÅX]SdbcaXT Pna^]PdcX`dT&
D& # NGU RTQFWKVU XKU_U RCT NGU EQPEGUUKQPU VCTKHCKTGU
9] \PcXoaT cPaXUPXaT$ [Tb _PacXTb R^]caPRcP]cTb ]Å^]c _Pb e^d[d bÅT]VPVTa
ST \P]XoaT PdbbX [PaVT& 3W _ICTF CW PQODTG FG EQORQUCPVU SWK GPVTGPV FCPUNC EQPUVTWEVKQP FeC_TQPGHU EKXKNU" RTCVKSWGOGPV VQWV RTQFWKV GUV GP RTKPEKRG UWU#EGRVKDNG FG D_P_HKEKGT FGU EQPEGUUKQPU VCTKHCKTGU$ I] cT[ T]VPVT\T]c aXb`dPXc
SÅPQ^dcXa k ST ]^\QaTdbTb UaPdSTb ^d \P]^TdeaTb ST Snc^da]T\T]c& 5dbbX$
[Tb R^]RTbbX^]b cPaXUPXaTb ^]c ncn [X\XcnTb Pdg _a^SdXcb n]d\nanb k [ ÅPg\TgT
ST [ ÅPRR^aS !)*"& 7Tb _a^SdXcb _anbT]cT]c ST cT[[Tb RPaPRcnaXbcX`dTb `dÅX[b bT
ca^deT]c ]PcdaT[[T\T]c STbcX]nb k pcaT dcX[Xbnb SP]b [P R^]bcadRcX^] S ÅPna^%
]TUb& @Tda b_nRXUXRXcn [X\XcT [Tb aXb`dTb S Åd]T dcX[XbPcX^] SP]b d]T PdcaT
QaP]RWT ST _a^SdRcX^]$ RT `dX [Tda _Ta\TccaPXc ST Qn]nUXRXTa S Åd]T \P]XoaT
X]YdbcXUXnT STb R^]RTbbX^]b PRR^aSnTb&
@P e^[^]cn ST [X\XcTa [T Qn]nUXRT STb R^]RTbbX^]b cPaXUPXaTb Pdg bTd[b _a^%
SdXcb b_nRXUX`dT\T]c STbcX]nb k [ÅX]SdbcaXT Pna^]PdcX`dT aTbb^ac nVP[T\T]c
STb _a^SdXcb `dX T] b^]c TgR[db& =[ bÅPVXc ST _a^SdXcb X]R^\_[Tcb ^d X]P%
RWTenb$ ST \PcnaXPdg$ \PcXoaTb _aT\XoaTb Tc _a^SdXcb ST R^]b^\\PcX^]$
R ÅTbc%k%SXaT ST _a^SdXcb ]^] b_nRXUX`dTb k [ ÅX]SdbcaXT Pna^]PdcX`dT& 9]
aTeP]RWT$ bX RTb \p\Tb _a^SdXcb ^]c ncn UPQaX`dnb b_nRXUX`dT\T]c PUX]
S ÅpcaT X]R^a_^anb SP]b d] Pna^]TU$ X[b _^daa^]c Qn]nUXRXTa Sd Sn\P]co[T\T]c
cPaXUPXaT&
!)*" @P [XbcT STb _a^SdXcb eXbnb _Pa [Tb R^]RTbbX^]b cPaXUPXaTb ]ÅTbc _Pb aT_a^SdXcT SP]b [ÅPRR^aS
_dQ[Xn SP]b [Tb 6$0$2$2$
@ 9 7C B :@=H 8 5 B G @ 9 G 9 7 H 9 I F 5 j F C B 5 I H =E I 9 -,/
@Tb bXV]PcPXaTb ST [ÅPRR^aS b^]c nVP[T\T]c R^]eT]db SÅT]VPVTa ST UPm^]
_naX^SX`dT STb ]nV^RXPcX^]b T] edT S Ån[PaVXa Tc S ÅP\n[X^aTa [ÅPRR^aS& 9]
)10.$ X[b ^]c PS^_cn d] _a^c^R^[T _^acP]c \^SXUXRPcX^] ST [ÅP]]TgT ST [ÅPR%
R^aS !)+"& 7T _a^c^R^[T ncT]S [T Qn]nUXRT STb R^]RTbbX^]b cPaXUPXaTb ST [ÅPR%
R^aS k +* ]^deT[[Tb RPcnV^aXTb ST _a^SdXcb& =[ STePXc T]caTa T] eXVdTda Pd
)Ta YP]eXTa )100 _^da c^db [Tb bXV]PcPXaTb ST [ ÅPRR^aS `dX [ÅPdaPXT]c PRRT_cn
k RTccT SPcT !),"&
,&*& 8 e_NKOKPCVKQP FGU TGUVTKEVKQPU SWCPVKVCVKXGU
5dg cTa\Tb ST [ÅPRR^aS$ [Tb _Phb bXV]PcPXaTb ]T _TdeT]c P__[X`dTa PdRd]T
aTbcaXRcX^] `dP]cXcPcXeT [X\XcP]c [ ÅX\_^acPcX^] ^d [ ÅTg_^acPcX^] S ÅPna^]TUb
RXeX[b S Åd]T \P]XoaT X]R^\_PcXQ[T PeTR [Tb SXb_^bXcX^]b P__[XRPQ[Tb ST [Å5R%
R^aS Vn]naP[ !Pac& - ST [ÅPRR^aS ST )1/1"& @P [XQnaP[XbPcX^]$ Sd _^X]c ST edT
STb aTbcaXRcX^]b `dP]cXcPcXeTb$ ]ÅTbc _Pb [X\XcnT Pdg bTd[b _a^SdXcb UPXbP]c
[Å^QYTc ST R^]RTbbX^]b cPaXUPXaTb& H^dc _a^SdXc T]caP]c SP]b [P R^]bcadRcX^]
SÅd] Pna^]TU RXeX[ _Tdc S^]R Y^dXa ST RTccT SXb_^bXcX^]&
7^\\T [ ÅT]bT\Q[T STb nRWP]VTb R^\\TaRXPdg \^]SXPdg bT ca^deT]c SnYk
b^d\Xb k [Å^Q[XVPcX^] ST _aX]RX_T ST ]T _Pb X]ca^SdXaT ST ]^deT[[Tb aTbcaXR%
cX^]b `dP]cXcPcXeTb$ EGVVG FKURQUKVKQP P eCRRQTVG RTCVKSWGOGPV CWEWP EJCPIG#OGPV CW T_IKOG F_L] CRRNKECDNG CWZ RTQFWKVU FG NeKPFWUVTKG C_TQPCWVKSWG" k
c^dc [T \^X]b _^da [Tb _Phb SneT[^__nb&
,&+& 8C UWRRTGUUKQP FGU VCTKHU FQWCPKGTU
P" NG" RTKPEKRG
GT[^] [ÅPRR^aS$ [Tb bXV]PcPXaTb S^XeT]c n[X\X]Ta$ _^da [T )Ta YP]eXTa )10(
^d _^da [ ÅT]canT T] eXVdTda ST [ ÅPRR^aS$ c^db [Tb Sa^Xcb ST S^dP]T _Tamdb k
[ÅX\_^acPcX^] ^d k [Å^RRPbX^] ST [ ÅX\_^acPcX^] STb _a^SdXcb eXbnb k [ ÅP]%
]TgT !)-"& @T Qn]nUXRT ST RTccT R^]RTbbX^] cPaXUPXaT bÅncT]S k c^db [Tb Sa^Xcb
ST S^dP]T _Tamdb bda [Tb an_PaPcX^]b S ÅPna^]TUb RXeX[b !Pac& *&)&) Tc *&)&*& ST
[ÅPRR^aS"&
D! NG U[UV`OG FG NC FGUVKPCVKQP HKPCNG FGU RTQFWKVU
@P _[d_Pac STb _a^SdXcb `dX _TdeT]c Qn]nUXRXTa ST [P bd__aTbbX^] STb
cPaXUb _TdeT]c T]caTa SP]b [P UPQaXRPcX^] SÅPdcaTb _a^SdXcb `dT STb Pna^]TUb
!)+" Da^c^R^[T _^acP]c \^SXUXRPcX^] ST [ÅP]]TgT ST [Å5RR^aS aT[PcXU Pd R^\\TaRT STb Pna^]TUb
RXeX[b$ 6$0$2$2$" bd__[n\T]c ]w +,$ _& *,&
!)," 9] )100$ c^db [Tb bXV]PcPXaTb ST [ÅPRR^aS ]ÅPePXT]c _Pb T]R^aT PRRT_cn [T _a^c^R^[T& 5dbbX$
[T 7^\Xcn Sd R^\\TaRT STb Pna^]TUb RXeX[b P%c%X[ SnRXSn ST _a^a^VTa X]SnUX]X\T]c [T Sn[PX S ÅPRRT_%
cPcX^] ST RT _a^c^R^[T !6$0$2$2 &$ bd__[n\T]c ]w +-$ _ ,+0"&
!)-" @Tb Pdc^aXcnb P\naXRPX]Tb PePXT]c RaPX]c d] \^\T]c `dT [Tb cTa\Tb ST [ÅPRR^aS | c^db [Tb
Sa^Xcb ST S^dP]T Tc c^dcTb [Tb PdcaTb X\_^bXcX^]b FG VQWVG PCVWTG } ]Å^Q[XVT]c nVP[T\T]c d] _Phb
X\_^acPcTda k aT]^]RTa k P__[X`dTa STb Sa^Xcb P]cXSd\_X]V bda [Tb X\_^acPcX^]b ST _a^SdXcb R^d%
eTacTb _Pa [ ÅPRR^aS&
-,0 : F 5 B ? @ =B 8 9 < C I GG9
RXeX[b& D^da RTccT aPXb^]$ ^] [ÅP ed$ [Tb bXV]PcPXaTb ^]c [X\Xcn [T Qn]nUXRT STb
TgT\_cX^]b cPaXUPXaTb Pdg bTd[b _a^SdXcb n]d\nanb k [ÅP]]TgT ST [ ÅPRR^aS&
H^dcTU^Xb$ \p\T RTccT _anRPdcX^] _Tdc bT anen[Ta X]bdUUXbP]cT& @ ÅP]]TgT ]T
bdUUXaP _Pb c^dY^dab k T\_pRWTa [Tb \P]^TdeaTb ST Snc^da]T\T]c& FPaTb
b^]c [Tb _a^SdXcb `dX _anbT]cT]c d] cT[ STVan ST b_nRXUXRXcn `dÅX[b ]T _TdeT]c
pcaT dcX[Xbnb `dT SP]b d]T bTd[T QaP]RWT ST _a^SdRcX^]&
5UX] ST aT]U^aRTa [P _a^cTRcX^] R^]caT ST cT[b Snc^da]T\T]cb$ [ÅPRR^aS
^Q[XVT [Tb bXV]PcPXaTb k PS^_cTa d] bhbco\T U^]Sn bda [P STbcX]PcX^] UX]P[T
Sd _a^SdXc !Pac& *&*"& 7T bhbco\T S^Xc pcaT R^\_PaPQ[T k RT[dX X]bcXcdn _Pa
[Tb PdcaTb bXV]PcPXaTb& 5X]bX$ [Tb U^a\P[Xcnb S^dP]XoaTb UPRX[XcT]c [ÅPS\XbbX^]
T] UaP]RWXbT ST Sa^Xcb _anedT _Pa [ ÅPRR^aS& I] aP__^ac Sd 7^\Xcn Sd R^\%
\TaRT STb Pna^]TUb RXeX[b P _anRXbn [Tb VaP]STb [XV]Tb STb bhbco\Tb U^]Snb bda
[P STbcX]PcX^] UX]P[T Sd _a^SdXc T] eXVdTda SP]b [P _[d_Pac STb jcPcb bXV]P%
cPXaTb ST [ ÅPRR^aS !)."& 8 Åd]T \P]XoaT Vn]naP[T$ _^da Qn]nUXRXTa ST [ ÅPS\Xb%
bX^] T] TgT\_cX^] ST Sa^Xcb$ [Tb X\_^acPcTdab STb _Phb bXV]PcPXaTb S^XeT]c
aT\TccaT k [ÅPS\X]XbcaPcX^] STb S^dP]Tb d]T SnR[PaPcX^] PccTbcP]c `dT [T
_a^SdXc X\_^acn Tbc STbcX]n k pcaT dcX[Xbn SP]b [ÅPna^]PdcX`dT RXeX[T !Tc ]^]
SP]b d]T PdcaT QaP]RWT ST _a^SdRcX^]"& 9] Vn]naP[$ [Tb bhbco\Tb _ane^XT]c
STb enaXUXRPcX^]b ^RRPbX^]]T[[Tb ST [P STbcX]PcX^] UX]P[T SnR[PanT& JaPXbT\%
Q[PQ[T\T]c$ RTRX R^]bcXcdT [ ÅTgXVT]RT \X]X\d\ Sd R^\Xcn T] \PcXoaT ST bhb%
co\T S^dP]XTa U^]Sn bda [P STbcX]PcX^] UX]P[T Sd _a^SdXc&
E! N eKPEQTRQTCVKQP FGU RTQFWKVU FCPU NGU NKUVGU CPPGZ_GU ] @/EEQTF 4_P_TCN
@Tb bXV]PcPXaTb ST [ÅPRR^aS ^]c T] ^dcaT _aXb [ÅT]VPVT\T]c S ÅX]R[daT SP]b
[P [XbcT ST [Tdab R^]RTbbX^]b cPaXUPXaTb R^]b^[XSnTb$ P]]TgnTb k [ Å5RR^aS Vn]n%
aP[$ c^db [Tb _a^SdXcb eXbnb _Pa [ÅPS\XbbX^] T] UaP]RWXbT ^d T] TgT\_cX^] ST
Sa^Xcb !Pac& *&)&+"& DPa [ ÅP__[XRPcX^] ST [P R[PdbT ST [P ]PcX^] [P _[db UPe^aX%
bnT$ \p\T [Tb _Phb ]^] bXV]PcPXaTb ST [ÅPRR^aS aT[PcXU Pd R^\\TaRT STb Pna^%
]TUb RXeX[b Qn]nUXRXTa^]c ST [ ÅPS\XbbX^] T] UaP]RWXbT ^d T] TgT\_cX^] ST
Sa^Xcb$ bP]b STe^Xa ^UUaXa ST ]^deT[[Tb R^]RTbbX^]b cPaXUPXaTb T] R^]caT_PacXT&
5 _aT\XoaT edT$ RTccT TgcT]bX^] STb R^]RTbbX^]b cPaXUPXaTb Pdg _Phb ]^]
bXV]PcPXaTb ST [ÅPRR^aS _Tdc _PaPrcaT SnUPe^aPQ[T Pdg _Phb bXV]PcPXaTb ST
[ÅPRR^aS& 7T_T]SP]c$ [P anP[Xcn Tbc \^X]b neXST]cT& GX [Tb _a^SdXcb eXbnb _Pa
[T Sn\P]co[T\T]c cPaXUPXaT ] ÅT]caT]c _Pb T] R^]RdaaT]RT PeTR d]T X]SdbcaXT
Sd _Phb bXV]PcPXaT$ [P bd__aTbbX^] STb Sa^Xcb ST S^dP]T ]T eXbT `dT [Tb _a^%
SdXcb T]caP]c SP]b [P R^]bcadRcX^] STb Pna^]TUb RXeX[b& @T \P]`dT k VPV]Ta
_^da [T Hanb^a _dQ[XR Tbc S^]R [X\Xcn& 8T _[db$ d]T cT[[T R^]RTbbX^] _Ta\Tc
Pdg T]caT_aXbTb ST [ Å9cPc bXV]PcPXaT T]VPVnTb SP]b [T _a^RTbbdb ST _a^SdR%
cX^] S ÅPna^]TUb Tc `dX$ _Pa R^]bn`dT]c X\_^acT]c [Tb _a^SdXcb TgT\_cnb ST
Sa^Xcb ST S^dP]T$ ST anSdXaT Pd \PgX\d\ [Tdab R^vcb ST _a^SdRcX^]&
!)." bd__[n\T]c ]w */$ _& ,,/&
@ 9 7C B :@=H 8 5 B G @ 9 G 9 7 H 9 I F 5 j F C B 5 I H =E I 9 -,1
@P bXcdPcX^] Tbc SXUUnaT]cT SP]b [ÅWh_^cWobT ^u [ÅX]SdbcaXT Pna^]PdcX`dT
Sd _Phb bXV]PcPXaT aXb`dT ST bdQXa [P R^]RdaaT]RT S ÅX\_^acPcX^]b T] _a^eT%
]P]RT ST _Phb ]^] bXV]PcPXaTb& 8P]b d] cT[ RPb$ [Tb _a^SdXcb STb _Phb ]^]
bXV]PcPXaTb Y^dXa^]c TUUTRcXeT\T]c S Åd] PeP]cPVT R^]RdaaT]cXT[ bP]b `dT
[Tda V^deTa]T\T]c PXc Td k ^UUaXa d]T R^\_T]bPcX^]& 7T_T]SP]c$ SP]b RTccT
Wh_^cWobT$ [ ÅjcPc bXV]PcPXaT ]T aXb`dT VdoaT S Å^UUaXa STb R^]RTbbX^]b cPaX%
UPXaTb&
,&,& 8GU CKFGU RWDNKSWGU
P" N eCRRNKECVKQP FW EQFG UWT NGU UWDXGPVKQPU
9] _aX]RX_T$ [T R^ST bda [Tb bdQeT]cX^]b Tc \TbdaTb R^\_T]bPc^XaTb bÅP_%
_[X`dT Pd R^\\TaRT STb Pna^]TUb RXeX[b !Pac& . ST [ ÅPRR^aS"& D^da [Tb _Phb
bXV]PcPXaTb ST RT R^ST$ RTccT SXb_^bXcX^] ]T \^SXUXT T] aXT] [Tdab ^Q[XVPcX^]b&
9] TUUTc$ [T R^ST bÅP__[X`dPXc SnYk ST [dX%\p\T k [ÅT]bT\Q[T STb _a^SdXcb ST
[ÅX]SdbcaXT Pna^]PdcX`dT& 9] UPXc$ RTccT SXb_^bXcX^] ]ÅP ncn X]bnanT SP]b [ ÅPR%
R^aS `dÅk [ ÅX]cT]cX^] STb _Phb bXV]PcPXaTb ST [ÅPRR^aS aT[PcXU Pd R^\\TaRT
STb Pna^]TUb RXeX[b `dX ] ÅPdaPXT]c _Pb bXV]n [T R^ST bda [Tb bdQeT]cX^]b&
7T_T]SP]c$ [ÅPRR^aS _anRXbT `dT[`dT _Td [P _^acnT STb ^Q[XVPcX^]b _TbP]c bda
[Tb bXV]PcPXaTb Sd R^ST STb bdQeT]cX^]b& 8 Åd]T _Pac$ X[ R^]SP\]T \^X]b
aXV^daTdbT\T]c [Tb bdQeT]cX^]b& 8 ÅPdcaT _Pac$ X[ X\_^bT d]T [X\XcT Pdg bdQ%
eT]cX^]b$ [X\XcT `dX ]ÅP__PaPXbbPXc _Pb SP]b [T 7^ST STb bdQeT]cX^]b&
Q" N eCVV_PWCVKQP FGU T`INGU FW 4QFG
GT[^] [ÅPRR^aS$ RTacPX]Tb PXSTb _dQ[X`dTb X]cTaSXcTb _Pa [T R^ST bda [Tb bdQ%
eT]cX^]b _TdeT]c ca^deTa d]T YdbcXUXRPcX^] T] aPXb^] Sd RPaPRcoaT _PacXRd%
[XTa ST [ÅX]SdbcaXT Pna^]PdcX`dT& @Tb bXV]PcPXaTb S^XeT]c T] TUUTc _aT]SaT T]
R^]bXSnaPcX^] [Tb b_nRXUXRXcnb Sd bTRcTda Pna^]PdcX`dT& GT[^] [T _anP\Qd[T$
[Tb PXSTb STb _^de^Xab _dQ[XRb ]T b^]c _Pb an_dcnTb T] cP]c `dT cT[[Tb R^]bcX%
cdTa d]T SXbc^abX^] STb nRWP]VTb& GT[^] [ ÅPRR^aS [dX%\p\T$ RWP`dT 9cPc
aTR^dac [PaVT\T]c Pdg PXSTb _dQ[X`dTb SP]b RT S^\PX]T !Pac& .&)& KP HKPG ST
[ÅPRR^aS"&
@P _^acnT ST RTccT Sna^VPcX^] aTbcT RT_T]SP]c anSdXcT& @T R^\Xcn Sd R^\%
\TaRT STb Pna^]TUb RXeX[b ]T _^bboST `dÅd]T R^\_ncT]RT [X\XcnT bda [Tb bdQ%
eT]cX^]b PRR^aSnTb k [ÅX]SdbcaXT Pna^]PdcX`dT& 8P]b [P _[d_Pac STb Wh_^%
cWobTb$ [T STa]XTa \^c aTeXT]c Pd R^\Xcn STb bdQeT]cX^]b& Ca$ RT STa]XTa
]ÅTbc _Pb [Xn _Pa [P | Sna^VPcX^] } X]ca^SdXcT _Pa [ÅPRR^aS& GX [T R^\Xcn Sd
R^\\TaRT STb Pna^]TUb RXeX[b bTaP bP]b S^dcT P__T[n k P__anRXTa PeTR X]Sd[%
VT]RT [P R^\_PcXQX[Xcn STb PXSTb _dQ[X`dTb PeTR [Tb SXb_^bXcX^]b Sd _anbT]c
PRR^aS$ RTccT X]Sd[VT]RT ] ÅX]U[dT]RTaP _a^QPQ[T\T]c _Pb [ÅXbbdT UX]P[T anbTa%
enT Pdg bdQeT]cX^]b [XcXVXTdbTb&
--( : F 5 B ? @ =B 89<CH>GG9
R" NC NKOKVCVKQP FGU GHHGVU FG FKUVQTUKQP FGU _EJCPIGU
5UX] ST [X\XcTa PdcP]c `dT _^bbXQ[T [Tb SXbc^abX^]b ST R^]RdaaT]RT$ [ ÅPR%
R^aS _ane^Xc `dT [P SncTa\X]PcX^] Sd _aXg STb Pna^]TUb STeaPXc bT U^]STa bda
d]T _Tab_TRcXeT aPXb^]]PQ[T ST R^deaXa c^db [Tb R^vcb !Pac& .&*"& 7TRX S^Xc
neXST\\T]c X\_^bTa Pdg jcPcb bXV]PcPXaTb d]T aoV[T ST R^]SdXcT [^ab ST
[Å^Rca^X S ÅPXSTb _dQ[X`dTb& @T _aX]RX_T ST [P R^deTacdaT STb R^vcb S^Xc T]V[^%
QTa [Tb R^vcb _aXb T] RWPaVT _Pa [Tb _^de^Xab _dQ[XRb& DPa R^]bn`dT]c$ NGUUWDXGPVKQPU _VCVKSWGU PG RQWTTQPV RNWU UGTXKT ] FKOKPWGT NG EQbV FGU C_TQPGHUEKXKNU$ 9[[Tb ]T _^daa^]c _[db _Ta\TccaT Pdg R^]bcadRcTdab Qn]nUXRXPXaTb STb
PXSTb _dQ[X`dTb ST Y^dXa S Åd] PeP]cPVT R^]RdaaT]cXT[ Sn[^hP[ _Pa aP__^ac
Pdg PdcaTb R^]bcadRcTdab& 8^an]PeP]c$ [Tb PXSTb _dQ[X`dTb Pda^]c _^da
bTd[T U^]RcX^] ST _P[[XTa [T \P]`dT ST U^]Sb _aXenb _^da [T SneT[^__T\T]c
S Åd] ]^deT[ Pna^]TU RXeX[&
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[ÅPRR^aS$ | d] _a^aPcP STb R^vcb XST]cXUXPQ[Tb STb caPePdg ST aTRWTaRWT Tc ST
SneT[^__T\T]c \X[XcPXaTb R^]RTa]P]c STb Pna^]TUb$ R^\_^bP]cb Tc bhbco\Tb
`dX ca^deT]c T]bdXcT d]T P__[XRPcX^] SP]b [P R^]bcadRcX^] S ÅPna^]TUb RXeX[b }&
@P U^a\d[PcX^] ST [P aoV[T [P aT]SPXc RT_T]SP]c X]P__[XRPQ[T& 9] TUUTc$ R^\%
\T]c PdaPXc%X[ ncn _^bbXQ[T ST \TbdaTa C RQUVGTKQTK [T _^daRT]cPVT S Åd] _a^%
VaP\\T \X[XcPXaT STeP]c pcaT _aXb T] R^]bXSnaPcX^] SP]b [T _aXg SÅd] Pna^%
]TU RXeX[ 4 9] anP[Xcn$ [Tb jcPcb%I]Xb Tc [P 7^\\d]Pdcn Tda^_nT]]T PePXT]c
R^]R[d d] R^\_a^\Xb ST UPmPST SP]b [T`dT[ X[b aTR^]]PXbbPXT]c [P ]nRTbbXcn
ST R^]cat[Ta [Tb PXSTb Pd SneT[^__T\T]c !bdac^dc dcX[XbnTb _Pa [Tb _Phb ST
[P 799" Tc [Tb _a^VaP\\Tb \X[XcPXaTb !bdac^dc dcX[Xbnb _Pa [Tb jcPcb%I]Xb"$
\PXb bP]b _ane^Xa [T \^X]SaT \nRP]Xb\T ST R^]cat[T Tc ST bP]RcX^]& DPaTX[[T
b^[dcX^] ]T _^dePXc T]caPr]Ta `dÅ d]T \d[cX_[XRPcX^] STb R^]U[Xcb S ÅX]cTa_an%
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,&-& 8 eKPVGTXGPVKQP FGU RQWXQKTU RWDNKEUFCPU NG EQOOGTEG FGU C_TQPGHU
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SÅPna^]TUb RXeX[b _Pa [Tb R^\_PV]XTb PnaXT]]Tb& 8ob [^ab$ [ ÅPRR^aS bda [T R^\ %
\TaRT STb Pna^]TUb RXeX[b bÅTUU^aRT ST [X\XcTa PdcP]c `dT _^bbXQ[T [Tb _aTb%
bX^]b TgTaRnTb _Pa [Tb V^deTa]T\T]cb bda [Tb R^\_PV]XTb PnaXT]]Tb Tc bda [Tb
U^da]XbbTdab ST RT[[Tb%RX& @Tb PRWTcTdab SÅPna^]TUb Tc ST c^dc _a^SdXc R^deTac
_Pa [ÅPRR^aS S^XeT]c pcaT [XQaTb ST RW^XbXa [Tdab U^da]XbbTdab bda [P QPbT ST
R^]bXSnaPcX^]b R^\\TaRXP[Tb Tc cTRW]X`dTb !Pac& ,&) ST [ÅPRR^aS"& 7TRX
aT_aT]S [Tb _aX]RX_Tb Sd R^ST bda [Tb \PaRWnb _dQ[XRb&
P" N eKPVGTFKEVKQP FGU KPEKVCVKQPU FKTGEVGU
@P _aT\XoaT aoV[T R^]RTa]T [Tb _aTbbX^]b TgTaRnTb _Pa [Tb V^deTa]T\T]cb
bda [Tb R^\_PV]XTb PnaXT]]Tb$ [Tb R^]bcadRcTdab ^d c^dcT T]cXcn PRWTcTdbT T]
edT S Å^Q[XVTa RTdg%RX k PRWTcTa STb Pna^]TUb RXeX[b S Åd]T ^aXVX]T SncTa\X]nT&
@ 9 7C B :@=H 8 5 B G @ 9 G 9 7 H 9 I F 5 j F C B 5 I H =E I 9 --)
8T cT[[Tb _aPcX`dTb ST [P _Pac STb bXV]PcPXaTb b^]c X]cTaSXcTb _Pa [ÅPRR^aS
!Pac& ,&*"& @ ÅX]cTaSXRcX^] R^\_^acT RT_T]SP]c d]T P\QXVdscn& =[ X]cTaSXc Pdg
bXV]PcPXaTb ST | b^d\TccaT [Tb R^\_PV]XTb PnaXT]]Tb &&& k STb _ aTbbX^] b
Tg RTbbXe Tb }& / EQPVTCTKQ" [Tb bXV]PcPXaTb _^daaPXT]c TgTaRTa STb _aTbbX^]b
]^] TgRTbbXeTb$ aPXb^]]PQ[Tb& @T R^\Xcn Sd R^\\TaRT STb Pna^]TUb RXeX[b$
UPdc%X[ [T _anRXbTa$ ] ÅP YP\PXb _d U^da]Xa d]T SnUX]XcX^] R^\\d]n\T]c
PS\XbT ST [P ]^cX^]&
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@ ÅPSYdSXRPcX^] S Åd] \PaRWn ]T S^Xc pcaT anVXT `dT _Pa STb R^]bXSnaPcX^]b
ST R^]RdaaT]RT T] \PcXoaT ST _aXg$ ST `dP[Xcn Tc ST Sn[PX ST [XeaPXb^]
!Pac& ,&+"& DPa R^]bn`dT]c$ d] V^deTa]T\T]c ]T _Tdc _[db TgXVTa STb U^da%
]XbbTdab `dX R^]R^daT]c k d]T PSYdSXRPcX^] `dÅX[b ^UUaT]c STb R^\_T]bPcX^]b
Pdg T]caT_aXbTb Sd _Phb PSYdSXRPcTda&
R" N eKPVGTFKEVKQP FGU KPEKVCVKQPU KPFKTGEVGU
CdcaT [Tb _aTbbX^]b SXaTRcTb TgTaRnTb bda STb T]caT_aXbTb bda [Tb`dT[[Tb X[
SXb_^bT SÅd] RTacPX] R^]cat[T$ d] jcPc SXb_^bT T]R^aT S ÅPdcaTb \^hT]b _^da
X]U[dT]RTa [Tb SnRXbX^]b ST eT]cT ^d S ÅPRWPc S ÅPna^]TUb& B^cP\\T]c$ X[ _Tdc
UPXaT Sn_T]SaT STb \TbdaTb ST _^[XcX`dT R^\\TaRXP[T SP]b SÅPdcaTb
S^\PX]Tb Sd anbd[cPc STb SnRXbX^]b ST eT]cT ^d S ÅPRWPc S ÅPna^]TUb& DPa
TgT\_[T$ X[ _^daaPXc [XTa [Å^Rca^X ST Sa^Xcb S ÅPccTaaXbbPVT ^d ST caPUXR k d]T
R^\_PV]XT PnaXT]]T ncaP]VoaT k [P SnRXbX^] ST RT[[T%RX S ÅPRWTcTa Sd \PcnaXT[
Pna^]PdcX`dT _a^SdXc _Pa bTb T]caT_aXbTb ]PcX^]P[Tb& 8T cT[b [XT]b b^]c X]cTa%
SXcb _Pa [ ÅPRR^aS !Pac& ,&,"&
,&.& 8GU QDUVCENGU VGEJPKSWGU
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`dTb Pd R^\\TaRT R^deaT SnYk [ÅT]bT\Q[T STb _a^SdXcb X]SdbcaXT[b& =[ bÅP_%
_[X`dT _Pa R^]bn`dT]c SnYk Pd R^\\TaRT STb _a^SdXcb eXbnb _Pa [ÅPRR^aS bda
[Tb Pna^]TUb& GTd[Tb [Tb _PacXTb R^]caPRcP]cTb `dX ] ÅPePXT]c _Pb T]R^aT
PSWnan Pd R^ST b^]c S^]R R^]RTa]nTb _Pa RTccT SXb_^bXcX^]& @Tb SXb_^bXcX^]b
Sd R^ST bda [Tb ^QbcPR[Tb cTRW]X`dTb bÅP__[X`dT]c Pd R^\\TaRT STb Pna^]TUb
RXeX[b& 8GWT RQTV_G C _V_ _VGPFWG CWZ RTGUETKRVKQPU UWT NC EGTVKHKECVKQP FGU C_TQ#PGHU EKXKNU GV NGU UR_EKHKECVKQPU TGNCVKXGU CWZ RTQE_FWTGU F eGZRNQKVCVKQP GV FeGPVTG#VKGP FG EGU C_TQPGHU$
,&/& 8C UWTXGKNNCPEG" NGU EQPUWNVCVKQPUGV NG T`INGOGPV FGU NKVKIGU
P" NG EQOKV_ FW EQOOGTEG FGU C_TQPGHU EKXKNU
@ Å PRR^aS P X]bcXcdn d] R^\Xcn Sd R^\\TaRT STb Pna^]TUb RXeX[b& 7T STa]XTa
Tbc R^\_^bn ST aT_anbT]cP]cb ST c^db [Tb bXV]PcPXaTb !Pac& 0&)"& =[ aT\_[Xc
--* : F 5 B ? @ =B 8 9 < C I GG9
STdg \XbbX^]b 2 _a^RnSTa k d] TgP\T] P]]dT[ ST [P \XbT T] ^TdeaT Tc ST
[ÅP__[XRPcX^] ST [ ÅPRR^aS S Åd]T _Pac$ TgP\X]Ta c^dc [XcXVT _^da [Tb`dT[b [Tb
bXV]PcPXaTb T] RPdbT ]T bTa^]c _Pb _PaeT]db k d]T b^[dcX^] \dcdT[[T\T]c
PRRT_cPQ[T S ÅPdcaT _Pac& @Tb 9cPcb bXV]PcPXaTb _TdeT]c nVP[T\T]c _a^RnSTa
k STb R^]bd[cPcX^]b bda c^dcT `dTbcX^] aT[PcXeT k [ÅP__[XRPcX^] ST [ ÅPRR^aS&
Q" NGU EQOR_VGPEGU FW EQOKV_ GP OCVK`TG FG NKVKIGU
@ ÅPRR^aS _ane^Xc TbbT]cXT[[T\T]c STdg ch_Tb ST [XcXVTb& @Tb d]b R^]RTa%
]T]c [Tb X]cTaeT]cX^]b _dQ[X`dTb _a^WXQnTb$ [Tb PdcaTb [Tb \TbdaTb R^\_T]bP%
c^XaTb X]U[XVnTb _Pa d] _Phb X\_^acPcTda R^]caT STb X\_^acPcX^]b bdQeT]%
cX^]]nTb&
DN # NGU TGEQWTU EQPVTG NGU KPVGTXGPVKQPU RTQJKD_GU
@ ÅPRR^aS _ane^Xc d] aTR^dab T] UPeTda ST c^dc bXV]PcPXaT TbcX\P]c `dT bTb
X]cnapcb R^\\TaRXPdg ^]c ncn !^d aXb`dT]c S ÅpcaT" [nbnb _Pa d]T \TbdaT S Åd]
PdcaT jcPc bXV]PcPXaT& @ ÅjcPc bXV]PcPXaT [nbn _^daaP ST\P]STa Pd R^\Xcn
S ÅTgP\X]Ta [P `dTbcX^] !Pac& 0&/"& 7T STa]XTa P [T _^de^Xa ST aT]SaT [Tb SnRX%
bX^]b ^d ST UPXaT [Tb aTR^\\P]SPcX^]b P__a^_aXnTb&
7T_T]SP]c$ NGU F_EKUKQPU GV NGU TGEQOOCPFCVKQPU FW EQOKV_ QPV WPG RQTV_G GVWPG HQTEG LWTKFKSWG VT`U NKOKV_GU$ 9] PdRd] RPb$ [ÅTgP\T] Sd R^\Xcn ]T _^acT
_anYdSXRT Pdg Sa^Xcb `dT [Tb bXV]PcPXaTb cXT]]T]c ST [Å5 RR^aS Vn]naP[ ^d
SÅX]bcad\T]cb ]nV^RXnb \d[cX[PcnaP[T\T]c b^db [Tb Pdb_XRTb Sd ;5HH$ SP]b
[P \TbdaT ^u X[b bÅP__[X`dT]c Pd R^\\TaRT STb Pna^]TUb RXeX[b& Ca$ [Tb R^STb
bda [Tb bdQeT]cX^]b Tc bda [Tb \PaRWnb _dQ[XRb bÅP__[X`dT]c Pd R^\\TaRT STb
Pna^]TUb RXeX[b& 9] R[PXa$ d] jcPc bXV]PcPXaT X]bPcXbUPXc _Pa [P SnRXbX^] Sd
R^\Xcn _^daaPXc c^dY^dab | X]cTaYTcTa P__T[ } STeP]c [Tb ^aVP]Tb R^\_ncT]cb
ST [ Å5RR^aS Vn]naP[ ^d STb X]bcad\T]cb T] `dTbcX^]& FXT] ]T [ÅT\_pRWT
SÅPX[[Tdab ST bPXbXa SXaTRcT\T]c d] ^aVP]T$ PdcaT `dT [T R^\Xcn Sd R^\\TaRT
STb Pna^]TUb RXeX[b$ nVP[T\T]c R^\_ncT]c _^da TgP\X]Ta [T [XcXVT& 9] RPb ST
_a^RnSdaTb _PaP[[o[Tb$ X[ bT\Q[T QXT] `dT NC F_EKUKQP FG N eCWVTG QTICPG CWTCRTKQTKV_ UWT EGNNG FW EQOKV_ FW EQOOGTEG FGU C_TQPGHU EKXKNU$ 5dbbX$ [ ÅPRR^aS
TgW^acT [T R^\Xcn ST _PaeT]Xa k d]T b^[dcX^] SP]b [Tb _[db QaTUb Sn[PXb$ Tc
T] _PacXRd[XTa$ PeP]c `dÅd]T b^[dcX^] SnUX]XcXeT ]ÅPXc ncn P__^acnT PX[[Tdab&
8ob [^ab$ [ÅdcX[Xcn Sd R^\Xcn SP]b [T aoV[T\T]c STb [XcXVTb _PaPrc [X\XcnT&
I]T b^[dcX^] _a^_^bnT _Pa [T R^\Xcn cXT]SaP bP]b S^dcT SPeP]cPVT R^\_cT
STb b_nRXUXRXcnb ST [ÅX]SdbcaXT Pna^]PdcX`dT& 9[[T bÅnRPacTaP _[db SÅd]T P__[X%
RPcX^] bcaXRcT STb _aX]RX_Tb Sd [XQaT%nRWP]VT& GX d]T cT[[T b^[dcX^] R^]eXT]c
Pdg _PacXTb T] [XcXVT Tc X]cTaeXT]c PeP]c [P R^]R[dbX^] SÅd]T _a^RnSdaT
_PaP[[o[T$ ^] _Tdc _T]bTa `dÅT[[Tb PQP]S^]]Ta^]c [P _^dabdXcT ST RTccT STa%
]XoaT& @P anbXST bP]b S^dcT [P _aX]RX_P[T dcX[Xcn ST [P _a^RnSdaT&
@ 9 7 C B :@=H 8 5 B G @ 9 G 9 7 H 9 I F 5 j F C B 5 I H =E I 9 --+
D& # NGU FTQKVU EQORGPUCVQKTGU
@T R^ST bda [Tb bdQeT]cX^]b bÅP__[X`dT$ ^] [ÅP ed$ Pd R^\\TaRT STb Pna^%
]TUb RXeX[b& DPa R^]bn`dT]c$ [Tb 9cPcb bXV]PcPXaTb X\_^acPcTdab ST _a^SdXcb
[Xnb k [ÅX]SdbcaXT Pna^]PdcX`dT _TdeT]c P__[X`dTa STb \TbdaTb R^\_T]bP%
c^XaTb k [ÅnVPaS STb X\_^acPcX^]b bdQeT]cX^]]nTb& @ ÅPRR^aS aT[PcXU Pd R^\%
\TaRT STb Pna^]TUb RXeX[b T]cT]S cT\_naTa [Tda PaSTda$ \PXb X[ ]T [X\XcT _Pb
[T Sa^Xc ST RTb _Phb SÅP__[X`dTa STb Sa^Xcb R^\_T]bPc^XaTb&
@Tb bXV]PcPXaTb _a^RoST]c$ Pd bTX] Sd R^\Xcn STb Pna^]TUb RXeX[b$ k STb
R^]bd[cPcX^]b _anP[PQ[Tb ^d Pd \^X]b _PaP[[o[Tb Pdg _a^RnSdaTb S ÅT]`dpcT
T]VPVnTb _Pa [T _Phb X\_^acPcTda T] edT ST [ÅX]bcPdaPcX^] ST \TbdaTb R^\%
_T]bPc^XaTb !Pac& 0&. ST [ÅPRR^aS"& 7TRX eXbT k SnVPVTa d]T b^[dcX^] b^d_[T$
`dX cXT]]T \XTdg R^\_cT STb b_nRXUXRXcnb ST [ÅX]SdbcaXT Pna^]PdcX`dT& 7T_T]%
SP]c$ RTccT Sn\PaRWT bd__[n\T]cPXaT PY^dcnT k [P _a^RnSdaT P__[XRPQ[T T]
\PcXoaT ST Sa^Xcb R^\_T]bPc^XaTb aXb`dT ST YTcTa [P R^]UdbX^] SP]b [Tb
Tb_aXcb& @T R^ST STb bdQeT]cX^]b _ane^Xc SnYk d]T R^]bd[cPcX^] _anP[PQ[T k
[ÅT]`dpcT& 5eTR [P \d[cX_[XRPcX^] ST _a^RnSdaTb _^da d] bTd[ [XcXVT$ X[ TgXbcT
d] aXb`dT `dT [Tb _PacXTb T] RPdbT ]T bPRWT]c _[db `dT[[Tb SXb_^bXcX^]b P__[X%
`dTa Tc bdac^dc `dÅT[[Tb dcX[XbT]c [Tb SXUUnaT]cTb _a^RnSdaTb k STb UX]b SX[P%
c^XaTb&
D' % NGU RTQE_FWTGU CRRNKECDNGU
8Tdg Wh_^cWobTb S^XeT]c pcaT SXbcX]VdnTb& 8P]b c^db [Tb RPb aT[TeP]c k
[P U^Xb ST [ÅPRR^aS bda [Tb Pna^]TUb Tc S ÅPdcaTb X]bcad\T]cb \d[cX[PcnaPdg
]nV^RXnb SP]b [T RPSaT Sd ;5HH$ [Tb _PacXTb P__[X`dT]c T] _aX]RX_T [Tb _a^%
RnSdaTb ST aoV[T\T]c STb R^]U[Xcb SnUX]XTb _Pa [Tb PdcaTb X]bcad\T]cb \d[cX%
[PcnaPdg& 9[[Tb _TdeT]c ]nP]\^X]b SnRXSTa ST aTR^daXa Pdg SXb_^bXcX^]b ST
[Å5 RR^aS Vn]naP[ !PacXR[Tb L L = = Tc L L = = = "$ PX]bX `dT Sd \T\^aP]Sd\ SÅPR%
R^aS bda [T aoV[T\T]c STb R^]U[Xcb ST )1/1& 9] aTeP]RWT$ SP]b [Tb RPb ]T
\TccP]c _Pb T] RPdbT S ÅPdcaTb X]bcad\T]cb \d[cX[PcnaPdg ]nV^RXnb SP]b [T
RPSaT Sd ;5HH$ [T aTR^dab Pdg _a^RnSdaTb SnUX]XTb _Pa [Å5RR^aS Vn]naP[ Tc
[T \n\^aP]Sd\ ST )1/1 bÅX\_^bT S Å^UUXRT !Pac& 0&0 ST [ ÅPRR^aS"&
R" NG UQWU#EQOKV_ VGEJPKSWG
@ ÅPRR^aS _ane^Xc nVP[T\T]c [P _^bbXQX[Xcn$ _^da [T R^\Xcn$ S ÅX]bcXcdTa d]
^d _[dbXTdab ^aVP]Tb bdQbXSXPXaTb PUX] S Ån_Pd[Ta RT STa]XTa SP]b bP clRWT ST
bdaeTX[[P]RT ST [ÅP__[XRPcX^] ST [ ÅPRR^aS !Pac& 0&,"& 9] eTacd ST RTccT SXb_^bX%
cX^]$ [T R^\Xcn P X]bcXcdn d] b^db%R^\Xcn cTRW]X`dT$ ^deTac k c^db [Tb bXV]P%
cPXaTb& 7T b^db%R^\Xcn P aTmd d] S^dQ[T \P]SPc& =[ TgP\X]T [Tb _a^Q[o\Tb
aT[PcXUb Pdg _a^SdXcb eXbnb$ Pdg bhbco\Tb U^]Snb bda [P STbcX]PcX^] UX]P[T$
Pdg Sa^Xcb ST S^dP]T$ h R^\_aXb [Tb `dTbcX^]b R^]RTa]P]c [P ]^\T]R[PcdaT
cPaXUPXaT STb Pna^]TUb& DPa PX[[Tdab$ X[ S^Xc bT _a^]^]RTa bda [ Ån[PaVXbbT\T]c
--, : F 5 B ? @ =B 8 9 < C I GG9
STb [XbcTb ST _a^SdXcb eXbnb _Pa [ÅPRR^aS !)/"& 7ÅTbc SÅPX[[Tdab k [ ÅX]cnaXTda Sd
b^db%R^\Xcn cTRW]X`dT `dÅP ncn ]nV^RXnT [ ÅTgcT]bX^] ST [P [XbcT STb _a^SdXcb
eXbnb _Pa [T Sn\P]co[T\T]c cPaXUPXaT&
#
# #
x -& @ Å577C F8 j H 5 H G %I B =G % 799 8 9 )11*
-&)& 8 eCIITCXCVKQP FW EQPVGPVKGWZ CO_TKECPQ#GWTQR_GP
P" NC EQPEWTTGPEG CEETWG F e/KTDWU
@P R^]bcXcdcX^] Sd R^]b^acXd\ Tda^_nT] 5XaQdb P _^acn ^\QaPVT k [P
bd_an\PcXT P\naXRPX]T SP]b [T S^\PX]T ST [ ÅX]SdbcaXT Pna^]PdcX`dT !)0"&
8T_dXb [^ab T] TUUTc$ 5XaQdb Tbc STeT]d [T STdgXo\T R^]bcadRcTda \^]SXP[
SÅPna^]TUb RXeX[b STaaXoaT [P R^\_PV]XT P\naXRPX]T 6^TX]V&
9] UneaXTa )10/$ [T V^deTa]T\T]c P\naXRPX] P ST\P]Sn d]T and]X^] b_n%
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PRR^aS QX[PcnaP[ T] \Pab )11* !**"&
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SÅPXSTb T] )11( k [P b^RXncn 8PX\[Ta%6T]i$ PUX] ST [ ÅX]RXcTa k aT_aT]SaT [P
b^RXncn _dQ[X`dT A66$ `dX _PacXRX_T Pd _a^VaP\\T 5XaQdb& DPa\X RTb PXSTb
UXVdaPXc d]T VPaP]cXT ST STdg \X[[XPaSb ST S^[[Pab _^da R^deaXa [Tb aXb`dTb
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\P]STb R^]bXSnaPXT]c T] TUUTc `dT [ÅT]caT_aXbT b^dUUaPXc SÅd] SnbPeP]cPVT
_Pa aP__^ac Pdg _a^SdRcTdab P\naXRPX]b `dX UPRcdaPXT]c SXaTRcT\T]c c^dcTb
[Tdab ^_naPcX^]b T] S^[[Pab&
@Tb 9cPcb%I]Xb R^]cTbcoaT]c n]TaVX`dT\T]c [Tb SnRXbX^]b P[[T\P]STb& BT
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aTRcTb Pdg _a^SdRcTdab Pna^]PdcX`dTb$ X[b SnRXSoaT]c ST \TccaT UX] k [P _a^%
RnSdaT ST R^]RX[XPcX^] Tc ST anR[P\Ta [P R^]e^RPcX^] S Åd] _P]T[ SP]b [T
RPSaT Sd R^ST ST )1/1 bda [Tb bdQeT]cX^]b& @Tda aTeT]SXRPcX^] _^acPXc bda
[P VPaP]cXT R^]caT [Tb aXb`dTb ST U[dRcdPcX^]b \^]ncPXaTb& DPaTX[[T \TbdaT
_PaPXbbPXc T] TUUTc R^]caPXaT k [ÅX]cTaSXRcX^] ST _aX]RX_T STb bdQbXSTb Pdg
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RPQ[T Sd _a^VaP\\T& 9] )11*$ [T _P]T[ STePXc SÅPX[[Tdab aT]SaT d] aP__^ac
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d]T Pbb^RXPcX^] ST 6^TX]V Tc ST GXZ^abZh$ _^acPXc bda d]T ]^deT[[T Vn]naP%
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bTda :%**$ bT \^]cPXc k 1- \X[[XPaSb ST S^[[Pab !*,"
& 7Tb SnRXbX^]b X]RXcoaT]c [Tb Pdc^aXcnb R^\\d]PdcPXaTb k aTUdbTa STb b^[d%
cX^]b ST _^acnT [X\XcnT Tc k TgXVTa [P SnUX]XcX^] ST aoV[Tb ST _^acnT Vn]naP[T&
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R^\\d]T STb SXb_^bXcX^]b ST [ÅPRR^aS \d[cX[PcnaP[ bda [T R^\\TaRT STb
Pna^]TUb RXeX[b aT[PcXeTb Pdg _aTbbX^]b STb _^de^Xab _dQ[XRb& =[ X\_^bT nVP[T%
\T]c Pdg STdg _PacXTb d]T SXbRX_[X]T T] \PcXoaT S ÅPXSTb _dQ[X`dTb _[db
aXV^daTdbT `dT [ÅPRcdT[ R^ST bda [Tb bdQeT]cX^]b& @T RWP\_ S ÅP__[XRPcX^] ST
[ ÅPRR^aS bÅPeoaT RT_T]SP]c \^X]b [PaVT `dT RT[dX ST [ ÅPRR^aS ST )1/1& 6N PG
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aXRP]^%Tda^_nT] ]T R^]RTa]T `dT RTccT _PacXT Sd \PaRWn \^]SXP[ STb Pna^%
]TUb RXeX[b& :QWT NGU CWVTGU V[RGU FeC_TQPGHU EKXKNU" N eCEEQTF FW 4/>> TGUVGFeCRRNKECVKQP$ 5dg cTa\Tb ST [ÅP]]TgT == ST [ÅPTR^aS$ _Pa Pna^]TUb ST VaP]ST
RP_PRXcn$ X[ UPdc T]cT]SaT c^db [Tb Pna^]TUb SnUX]Xb _Pa [ÅPRR^aS Sd ;5HH$
k [ÅTgRT_cX^] STb \^cTdab$ `dX b^]c R^]mdb _^da [T caP]b_^ac ST _PbbPVTab
^d ST UaTc Tc `dX ^]c d]T RP_PRXcn ST )(( bXoVTb ^d _[db ^d b^] n`dXeP[T]c
T] R^]UXVdaPcX^] RPaV^&
8 eCEEQTF CO_TKECPQ#GWTQR_GP GUV _ICNGOGPV NKOKV_ CWZ CKFGU RWDNKSWGU GPIC#I_GU CRT`U N eGPVT_G GP XKIWGWT FG EGV CEEQTF$ 6N PG EQPEGTPG FQPE RCU NG UQWVKGPFGU RQWXQKTU RWDNKEU CWZ RTQITCOOGU GP EQWTU !Pac& *"& 7TccT aTbcaXRcX^]
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Qdn k bP R^]R[dbX^]& 9[[T bXV]XUXT c^dcTU^Xb `dT [Tb SXUUXRd[cnb S ÅX]cTa_ancP%
cX^] ] ÅP__PaPrca^]c `dT ST UPm^] caob _a^VaTbbXeT&
-&+& 8G PQWXGCW T_IKOG FGU CKFGU RWDNKSWGU
@ ÅTbbT]cXT[ Sd R^]cT]cXTdg ^__^bP]c [Tb 9cPcb%I]Xb k [P 7^\\d]Pdcn
Tda^_nT]]T R^]RTa]T [Tb PXSTb _dQ[X`dTb PRR^aSnTb _Pa RWPRd]T STb STdg
_PacXTb k [Tda X]SdbcaXT Pna^]PdcX`dT& @ Å^QYTRcXU _aX]RX_P[ ST [ ÅPRR^aS
R^]bXbcT _Pa R^]bn`dT]c k SnUX]Xa d]T SXbRX_[X]T _[db aXV^daTdbT& @P [X\XcP%
cX^] Sd aTR^dab Pdg bdQeT]cX^]b STeaPXc PX]bX \TccaT [Tb X]SdbcaXTb Pna^]Pd%
cX`dTb STb STdg _PacXTb bda d] _XTS SÅnVP[Xcn&
P" NC FKUVKPEVKQP GPVTG NGU UWDXGPVKQPU ] NC TGEJGTEJG" CW F_XGNQRRGOGPV GV ]NC RTQFWEVKQP
9] Vn]naP[$ [ ÅPRR^aS \d[cX[PcnaP[ ST )1/1 bT R^]cT]cPXc S ÅP__[X`dTa [T
R^ST bda [Tb bdQeT]cX^]b& @P _aX]RX_P[T SXbcX]RcX^] dcX[XbnT _Pa RT STa]XTa
bn_PaPXc [Tb bdQeT]cX^]b k [ ÅTg_^acPcX^] Tc [Tb PdcaTb U^a\Tb ST bdQeT]cX^]b&
@ ÅPRR^aS QX[PcnaP[ X]ca^SdXc STb SXbcX]RcX^]b bd__[n\T]cPXaTb k [ ÅX]cnaXTda ST
[P RPcnV^aXT STb bdQeT]cX^]b PdcaTb `dT [Tb bdQeT]cX^]b k [ÅTg_^acPcX^]&
D[db `dT YP\PXb$ [T _aX]RX_P[ _a^Q[o\T STb _a^SdRcTdab Pna^]PdcX`dTb Tbc
[T R^vc n]^a\T STb _a^VaP\\Tb ST SneT[^__T\T]c SÅd] ]^deT[ Pna^]TU&
5dbbX$ [Tb STdg bXV]PcPXaTb ST [ ÅPRR^aS QX[PcnaP[ ^]c TbcX\n `dT RTb R^vcb ]T
_^dePXT]c pcaT aPXb^]]PQ[T\T]c b^dcT]db _Pa [Tb bTd[b RP_XcPdg _aXenb& 6NUQPV RCT EQPU_SWGPV TGEQPPW NG DKGP#HQPF_ FGU CKFGU RWDNKSWGU CWZ RTQITCOOGUFG F_XGNQRRGOGPV FGU PQWXGCWZ C_TQPGHU GV FW HKPCPEGOGPV RWDNKE FG NCTGEJGTEJG$ 7T_T]SP]c$ X[b ^]c X\_^bn STb [X\XcTb k [ÅX]cTaeT]cX^] STb _^d%
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@P \XbT T] ^TdeaT ST RTb [X\XcTb bT WTdacT ]nP]\^X]b k d] ^QbcPR[T cTRW%
]X`dT& @T _[db b^deT]c$ [Tb bdQeT]cX^]b PRR^aSnTb _Pa [Tb _^de^Xab _dQ[XRb
[T b^]c S Åd]T \P]XoaT V[^QP[T$ bP]b _anRXbTa [ ÅPUUTRcPcX^] STb b^\\Tb PRR^a%
SnTb k d]T X]SdbcaXT& I]T cT[[T _aPcX`dT T\_pRWT neXST\\T]c ST R^]cat[Ta
[P Q^]]T P__[XRPcX^] STb ]^deT[[Tb SXbcX]RcX^]b X]ca^SdXcTb _Pa [ ÅPRR^aS P\n%
@ 9 7 C B :@=H 8 5 B G @ 9 G 9 7 H 9 I F 5 j F C B 5 I H =E I 9 --/
aXRP]^%Tda^_nT]& 5dbbX$ RT[dX%RX X\_^bT T] ^dcaT d]T ^Q[XVPcX^] ST caP]b_P%
aT]RT SP]b [ÅPUUTRcPcX^] STb U^]Sb _dQ[XRb&
Q" N eKPVGTFKEVKQP FGU CKFGU FKTGEVGU ] NC RTQFWEVKQP
8P]b [P [^VX`dT ST [ÅPRR^aS QX[PcnaP[$ [Tb PXSTb k [P _a^SdRcX^] R^]bcXcdT]c
d] PRcT ST R^]RdaaT]RT Sn[^hP[T& 9] TUUTc$ [Tb bdQeT]cX^]b k [P _a^SdRcX^]
^]c _^da R^]bn`dT]RT [T \PX]cXT] S Åd]T T]caT_aXbT ]^] R^\_ncXcXeT& 9[[Tb
]T R^]caXQdT]c _Pb k d] anT[ SneT[^__T\T]c X]SdbcaXT[$ R^\\T R ÅTbc [T RPb
_^da [T UX]P]RT\T]c S Åd] ]^deTPd _a^VaP\\T SÅPna^]TUb RXeX[b& @ ÅPRR^aS
P\naXRP]^%Tda^_nT] X]cTaSXc c^dcT PXST SXaTRcT k [P _a^SdRcX^]$ TgRT_cn
RT[[Tb `dX ^]c SnYk ncn UTa\T\T]c T]VPVnTb k [ÅT]canT T] eXVdTda ST [ÅPRR^aS
!Pac& + ST [ÅPRR^aS QX[PcnaP["& =[ bÅPVXc [k S Åd] ]^deT[ T]VPVT\T]c _Pa aP_%
_^ac Pd R^ST bda [Tb bdQeT]cX^]b& 7T STa]XTa ]ÅX]cTaSXbPXc _Pb ST cT[[Tb bdQ%
eT]cX^]b& H^dc Pd _[db _Ta\TccPXc%X[ [ ÅP__[XRPcX^] ST R^]caT%\TbdaTb k [ÅT]%
R^]caT ST bdQeT]cX^]b k [P _a^SdRcX^] `dX _^acT]c _anYdSXRT k d]T PdcaT
_PacXT R^]caPRcP]cT&
R" NC NKOKVCVKQP FGU CKFGU CW F_XGNQRRGOGPV
@T _aX]RX_T Sd b^dcXT] STb _^de^Xab _dQ[XRb Pd SneT[^__T\T]c ST ]^d%
eTPdg Pna^]TUb RXeX[b P ncn PS\Xb _Pa [Tb STdg _PacXTb& 9[[Tb ^]c RT_T]SP]c
X]bcPdan STdg [X\XcTb k RT b^dcXT] PUX] S ÅneXcTa d]T R^]RdaaT]RT Sn[^hP[T &9]
_aT\XTa [XTd$ X[ S^Xc TgXbcTa d]T _Tab_TRcXeT aPXb^]]PQ[T ST R^deaXa k cTa\T
[ ÅT]bT\Q[T ST c^db [Tb R^vcb ST SneT[^__T\T]c& 9] bTR^]S [XTd$ [Tb PXSTb
_dQ[X`dTb ]T _TdeT]c Sn_PbbTa d] _^daRT]cPVT UXgT ST RTb R^vcb& @Tb STdg
^Q[XVPcX^]b eXbT]c k [X\XcTa d]T R^dabT X[[X\XcnT Pdg PXSTb _dQ[X`dTb&
EN % N eQDNKICVKQP FG TGODQWTUGT NGU CKFGU
@P _a^SdRcX^] S Åd] ]^deT[ P__PaTX[ S^Xc bÅPenaTa aT]cPQ[T k cTa\T& 5dcaT%
\T]c SXc$ [Tb PXSTb _dQ[X`dTb ]T _TdeT]c _[db R^]bcXcdTa `dÅd]T PeP]RT$ d]
_apc k [^]V cTa\T Tc ]^] _[db d] X]eTbcXbbT\T]c k U^]Sb _TaSdb& =[ TgXbcT
_Pa R^]bn`dT]c d]T ^Q[XVPcX^] ST aT\Q^dabT\T]c STb PXSTb$ `dX _^acT bda
d]T [^]VdT _naX^ST& 9[[T ]T S^Xc T] TUUTc X]cTaeT]Xa `dÅk [ÅTg_XaPcX^] S Åd]T
_naX^ST ST )/ P]b !Pac& ,&) ST [ÅPRR^aS QX[PcnaP["&
7TccT SXb_^bXcX^] PY^dcT d]T ^Q[XVPcX^] bd__[n\T]cPXaT _Pa aP__^ac k [ÅPR%
R^aS \d[cX[PcnaP[ ST )1/1& 7T STa]XTa TgXVT T] TUUTc bTd[T\T]c `dT [T _aXg
STb Pna^]TUb R^deaT c^db [Tb R^vcb$ T] X]R[dP]c RTdg UX]P]Rnb _Pa [Tb _^d%
e^Xab _dQ[XRb& =[ ]ÅTgXVT _Pb `dT RTb STa]XTab b^XT]c aT\Q^dabnb& 7T aT\Q^da%
bT\T]c aTbcT c^dY^dab bdQ^aS^]]n k [P andbbXcT R^\\TaRXP[T Sd _a^VaP\\T&
@ ÅPRR^aS QX[PcnaP[ bd__aX\T T] anP[Xcn [T RPaPRcoaT R^]SXcX^]]T[ Sd aT\Q^da%
bT\T]c& @P _aPcX`dT R^\\d]PdcPXaT$ aP__T[^]b%[T$ _ane^hPXc SnYk T] _aX]%
RX_T d] bhbco\T ST aT\Q^dabT\T]c STb PXSTb _dQ[X`dTb X[[nVP[Tb&
--0 : F 5 B ? @ =B 89<CH>GG9
E& # NG RNCHQPPGOGPV FG N eCKFG RWDNKSWG
@ ÅPRR^aS P\naXRP]^%Tda^_nT] [X\XcT [T \^]cP]c STb PXSTb _dQ[X`dTb Pd
_a^VaP\\T ST SneT[^__T\T]c T] ncPQ[XbbP]c d] _[PU^]S& 7T STa]XTa Tbc
SnUX]X T] PSSXcX^]]P]c STdg n[n\T]cb& I]T _aT\XoaT caP]RWT R^aaTb_^]S k
*- Sd R^vc c^cP[ ST SneT[^__T\T]c& @T \^]cP]c STb aTSTeP]RTb bda RTccT
caP]RWT Tbc UXgn ST UPm^] k _Ta\TccaT d] aT\Q^dabT\T]c Pdg _^de^Xab
_dQ[XRb T] )/ P]b k d] cPdg SÅX]cnapc `dX ]T _Tdc pcaT X]UnaXTda Pd R^vc ST
[ÅT\_ad]c& I]T bTR^]ST caP]RWT R^aaTb_^]S k 0 Sd R^vc c^cP[ ST SneT[^_%
_T\T]c& @T \^]cP]c STb aTSTeP]RTb bda RTccT caP]RWT Tbc UXgn ST UPm^] k
_Ta\TccaT d] aT\Q^dabT\T]c Pdg _^de^Xab _dQ[XRb T] )/ P]b k d] cPdg `dX
]T b^Xc _Pb X]UnaXTda Pd R^vc ST [ ÅT\_ad]c \PY^an ST ) !Pac& ,&* ST [ÅPR%
R^aS QX[PcnaP["&
7Tb STdg [X\XcTb `dT bÅX\_^bT]c [Tb 9cPcb%I]Xb Tc [P 7^\\d]Pdcn Tda^%
_nT]]T ] ÅTgXbcT]c _Pb SP]b [P eTabX^] PRcdT[[T Sd R^ST bda [Tb bdQeT]cX^]b&
7T STa]XTa bT R^]cT]cT S ÅTgW^acTa [Tb _PacXTb R^]caPRcP]cTb k ]T _Pb RPdbTa
ST _anYdSXRT$ _Pa [Tdab bdQeT]cX^]b k [P _a^SdRcX^]$ Pdg PdcaTb _PacXTb
R^]caPRcP]cTb& 9] PdRd] RPb$ X[ ] ÅX]cTaSXc [Tb bdQeT]cX^]b `dX Sn_PbbT]c d]
\^]cP]c SncTa\X]n&
S" NC NKOKVCVKQP FGU CKFGU KPFKTGEVGU
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@ 9 7C B :@=H 8 5 B G @ 9 G 9 7 H 9 I F 5 j F C B 5 I H =E I 9 --1
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[ÅneP[dPcX^] ST [P anSdRcX^] STb R^vcb S^]c Qn]nUXRXT [ ÅX]SdbcaXT T] `dTbcX^]
!Pac& -&+ KP HKPG ST [ÅPRR^aS QX[PcnaP["&
T" N eQDNKICVKQP FG VTCPURCTGPEG
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[ ÅPRR^aS P\naXRP]^%Tda^_nT] TgXVT `dT [Tb _PacXTb _dXbbT]c XST]cXUXTa [T STb%
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STb PeP]cPVTb aTcXanb _Pa RT[[Tb%RX Sd b^dcXT] _dQ[XR k [P aTRWTaRWT&
-&-& 8GU OCPQGWXTGU FeKPEKVCVKQP
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ST [ ÅPRR^aS \d[cX[PcnaP[ ST )1/1& =[ bT R^]cT]cT ST S^]]Ta d]T X]cTa_ancPcX^]
R^\\d]T ST [ ÅPacXR[T , ST RTc PRR^aS Sd ;5HH$ aT[PcXU Pdg X]RXcPcX^]b
SXaTRcTb Tc X]SXaTRcTb STb _^de^Xab _dQ[XRb Tc Pdg R^]caPcb ^Q[XVPc^XaTb ST
b^db%caPXcP]RT !*-"&
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PS^_cT d]T Sn\PaRWT T] STdg cT\_b& 8 ÅPQ^aS$ X[ U^da]Xc d]T SnUX]XcX^]
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c^XaT k [ÅT]R^]caT STb U^da]XbbTdab S Åd] PdcaT _Phb& 9]bdXcT$ [ÅPRR^aS aTR^dac
k d] RaXcoaT ]nVPcXU T] n]^]mP]c d]T bnaXT ST _aPcX`dTb `dX ]T b^]c _Pb
R^]bXSnanTb R^\\T [P \P]XUTbcPcX^] ST _aTbbX^]b TgRTbbXeTb&
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ST \P]XoaT k RanTa d]T SXbRaX\X]PcX^]& 8T \p\T$ [Tb SnRXbX^]b STb _^de^Xab
_dQ[XRb R^]RTa]P]c [Tb `dTbcX^]b ST bnRdaXcn Tc S ÅT]eXa^]]T\T]c ]T _TdeT]c
pcaT R^]bXSnanTb R^\\T anbd[cP]c S Åd]T _aTbbX^] TgRTbbXeT&
Q" N eKPVGTFKEVKQP FGU EQORGPUCVKQPU
9] \PcXoaT ST R^\_T]bPcX^]b$ [ ÅPRR^aS P\naXRP]^%Tda^_nT] R^]UXa\T bTd %&
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cP]RT R^\\T R^]SXcX^] _anP[PQ[T ST [P eT]cT ^d ST [Å PRWPc SÅPna^]TUb RXeX[b&
R" NC NKUVG KPFKECVKXG FGU KPEKVCVKQPU RTQJKD_GU
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\TbdaTb `dT [Tb _^de^Xab _dQ[XRb ]T _TdeT]c [XTa Pdg SnRXbX^]b S ÅPRWPc ^d
ST eT]cT S ÅPna^]TUb RXeX[b& 7Tb \TbdaTb R^\_aT]]T]c ]^cP\\T]c [Å^Rca^X ^d
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SP]b [T RPSaT ST [ÅPRR^aS QX[PcnaP[& @Tb Sa^Xcb R^\_T]bPc^XaTb ^]c T] TUUTc
_^da Qdc ST ancPQ[Xa d] n`dX[XQaT SP]b [Tb R^]SXcX^]b ST R^]RdaaT]RT& Ca$ bX
@ 9 7 C B :@=H 8 5 B G @ 9 G 9 7 H 9 I F 5 j F C B 5 I H =E I 9 -.)
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cnaP[$ X[ ] ÅTgXbcT _[db$ T] _aX]RX_T$ ST SXbc^abX^] ST R^]RdaaT]RT T]caT [Tb
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cXcaT ST [Tda [nVXb[PcX^] P]cX%bdQeT]cX^] !Pac& )(&* ST [ÅPRR^aS QX[PcnaP["& 9]
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SXUUnaT]Sb& 9[[Tb T]VPVTa^]c STb R^]bd[cPcX^]b QX[PcnaP[Tb RWP`dT U^Xb `dÅX]%
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